Jul 2, 2026
SPR crude sits at its lowest since May 1983 while COMEX silver's deliverable share and copper stocks both hit 6-month highs, a board split between a drained federal reserve and rebuilding exchange metal.
SPR crude at 325.7 MM bbl is the headline: down 1.7% on the week, down 10.8% over 30 days, and the lowest reading since May 1983. That's the 2nd percentile of a 44-year record, a level so low the weekly move barely registers against how far the reserve has already fallen.
The two oil series diverge on speed. SPR keeps grinding lower while Cushing crude ticked up 3.7% on the week; both are down hard over 30 days (Cushing off 14.6%), but Cushing still sits at the 12th percentile, thin at any speed. The copper picture rhymes across the split: COMEX copper stocks are at a 6-month high, up 3.9% over 30 days, while LME copper fell 1.3% on the day and 15.9% over 30 days, still at the 73rd percentile. Metal is stacking on one exchange and draining on the other.
The silver readings are where level and velocity disagree cleanly. COMEX silver deliverable share at 28.8% and coverage at 17.1% both print 6-month highs at the 100th percentile, yet the daily move on each is just 0.4%. The position is stretched; the speed is calm. Against that, COMEX registered gold sits at a 6-month low, 3rd percentile, essentially flat on the day but down 4.3% over 30 days.
What the data shows: a physical board pulling in two directions, with the deepest extreme (44-year SPR low) moving slowest and the exchange metals doing the churning. When a level is pinned at a record while its daily change goes quiet, the position is the story, not the tick.
The Strategic Petroleum Reserve holds 325.7 MM bbl, the lowest since May 1983 and the 2nd percentile of a 44-year record. Down 1.7% on the week and 10.8% over 30 days, the reserve keeps grinding lower.
The share of COMEX silver actually available for delivery hit 28.8%, a 6-month high, up 7.6% over 30 days but only 0.4% on the day. A stretched level moving at a calm pace.
Tokyo retail gold at Tanaka sits at ¥23,423/g, the 99th percentile of a 38-year record. Up 0.9% on the day, though down 8.3% over the past 30 days.
Cushing crude ticked up 3.7% on the week to 19.7 MM bbl but remains at the 12th percentile of its 22-year record and down 14.6% over 30 days. Low tank levels leave little cushion.
COMEX silver coverage reached 17.1%, a 6-month high, up 2.2% over 30 days and 0.4% on the day. The metal backing open contracts is at the top of its short record.
COMEX registered gold, the metal cleared for delivery, sits at 14.83M oz, a 6-month low at the 3rd percentile. Flat on the day but down 4.3% over 30 days.
COMEX copper stocks stand at 666,821 short tons, a 6-month high, up 3.9% over 30 days. Metal is building on the U.S. exchange.
LME copper stocks fell 1.3% on the day to 324,850 mt, down 15.9% over 30 days, though still at the 73rd percentile of a 19-year record. Draining on the London side even as COMEX builds.
Sources: CME Group COMEX warehouse reports, LME warehouse data, EIA Weekly Petroleum Status Report, ETF issuer filings, and venue price quotes. Every figure is computed straight from the stored source data; percentiles rank today's level against the series' full record.